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Wednesday, October 23, 2013

MIER: Malaysia needs to speed up structural reforms

Published: Tuesday October 22, 2013 MYT 2:23:00 PM 
Updated: Tuesday October 22, 2013 MYT 3:56:19 PM

KUALA LUMPUR: There should be no more delay in the structural adjustment and reform plans, the Malaysian Institute of Economic Research (MIER) said on Monday.

"Strategic Reform Initiatives (SRIs) and programmes need to be implemented and not remained on shelf or on hold," said executive director Dr Zakariah Abdul Rashid to reporters during his presentation on the Malaysian Economic Outlook.

He added while the Government has taken several initiatives in its transformation agenda, much more still needs to be done.

He said more initiatives and programmes needed to be implemented so the Government would be able to reduce its budget deficit to 3.5% in 2014 -- as well as preserving market confident in the long-term.

He noted the public sector account has been in deficit for a long time and it required some bold measures to overcome it.

Nonetheless, he believes the goods and services tax (GST) programme would not be implemented any time soon."It will take from seven to 15 months for preparation including setting up the infrastructure," he said.

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